FX.co ★ Technical analysis on EURUSD for November 21st, 2023.

Blue lines- Fibonacci retracement levels

EURUSD is trading around 1.0958 as expected by our previous analysis. EURUSD has reached the key Fibonacci retracement level of 61.8%. This is important short-term resistance. The chances of a pull back from these levels are high. The RSI has reached overbought levels in the Daily chart. In the 4 hour chart we already got a bearish RSI divergence. Traders need to be very cautious as we usually see trend reversals around the 61.8% Fibonacci level. So far there is no such a reversal visible or any sign of a rejection. At current levels bulls should better protect their gains. If bulls manage to break above 1.0960 and stay above it, we could see an extension to the upside towards 1.1095.